A Philadelphia lawyer accused of laundering millions of dollars of his clients funds was sentenced to pay $1.2 million in restitution to clients of his Cherry Hill law firm and five months in prison, which he has already served since being arrested in late 2011.

Michael W. Kwasnik, 44, pleaded guilty back on Jan. 29, 2013 to second- and third-degree counts of money laundering for defrauding two of his clients out of significant amounts of money, according to the New Jersey Attorney General’s Office. In addition, Kwasnik was sentenced to five years of probation by Superior Court Judge Irvin J. Snyder in Camden.

According to the Attorney General’s Office, the two counts of money laundering stem from a misappropriation of funds of $1.1 million from a 96-year-old client and a personal injury settlement of $324,000 from a Williamstown couple.

The 96-year-old client had Kwasnik set up a family trust for her and her children along with helping her administer the estate of her deceased sister. Kwasnik received approximately $1.1 million in checks from the estate in 2006 and deposited the funds into the trust account for clients maintained by his law firm.

Kwasnik admitted that he then used those funds for paying other clients and paying the operating expenses of the law firm.

In the Williamstown case, Kwasnik’s firm was hired to represent the couple in a personal injury lawsuit and Kwasnik’s partner settled the matter for $485,000.

After the amount was deposited into the firm’s trust account, the couple was entitled to receive $324,118 of the settlement after taking attorney’s fees and other costs paid by the firm into consideration.

Kwasnik admitted that he had transferred a large portion of the couple’s settlement into his own personal bank account rather than paying the full amount awarded to the couple. The couple has recovered approximately $212,000 of that money since.

He, along with his father and other individuals of the firm are also alleged to have been involved in a Ponzi scheme in which 73 investors, most of them elderly, lost $8.5 million. Friday’s plea agreement will not impact any potential criminal charges that may be filed as a result of that investigation.